US Steel posts 1Q loss as costs rise

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Associated Press

Posted on April 30, 2013 at 6:00 AM

Updated Tuesday, Apr 30 at 7:01 AM

PITTSBURGH (AP) — US Steel says it lost $73 million in the first quarter because of tough competition and rising prices.

A year ago it made money in its flat-rolled steel segment, but that was a money-loser in the most recent quarter. Production costs rose, but selling prices didn't.

The loss for United States Steel Corp. was 51 cents per share. Its adjusted loss of 35 cents per share was more than twice as big as the loss of 19 cents per share expected by analysts surveyed by FactSet. A year ago it lost $219 million, or $1.52 per share, because of costs for selling a unit in Serbia.

Revenue fell 11 percent to $4.6 billion, slightly less than analysts expected.

US Steel shares fell more than 4 percent in premarket trading.

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